Key GOP negotiator Patrick McHenry refused to say whether the White House and Republicans have discussed a short-term bill to raise or suspend the debt limit in the event a deal cannot be reached by the deadline for a potential government default. He argued, however, that there are "technical challenges" to doing that.
The North Carolina Republican, who serves as chair of the House Financial Services committee, also would not say whether such a move is off the table, but told reporters, "The treasuries market is quite different, and our technical ability to do a short bridge is quite limited."
McHenry said the main sticking point in debt limit negotiations continues to center on spending cuts, calling it "a fundamental disagreement between the two parties."
He also argued that House Speaker Kevin McCarthy and President Joe Biden have built a "productive" relationship over the course of negotiations, and he thinks the talks should be left to the two of them to hash out.
"What I saw in the Oval Office yesterday was a willingness to engage with each other in a sincere way, air disagreements, listen," he said. "And I think that was productive."
McHenry told reporters the key disagreements they're still working out, apart from spending cuts, are on work requirements, taxes and pharma.